BFA303 AUDITING THE FUTURE DIRECTIONS OF THE AUDIT PROFESSION Word Count: 1995 Executive Summary This report discusses the historical and current practices required by audit professionals. This is broken down into three main subject areas‚ being:- 1 The Monitoring of the Profession’s Quality Issue; 2 The Skills and Auditor Needs To Posses; and‚ 3 The Structure of an Audit and Non Audit Service Engagement. It is found from a comprehensive review of various literature available
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Case You are the internal audit senior responsible for conducting an assurance engagement of the XYZ Company payroll process. This process has not been audited for three years and‚ as such‚ is due in the normal audit cycle. There have been no significant changes since the previous audit‚ that is‚ there were no system changes‚ no reorganization of personnel‚ and no substantive procedural changes. However‚ during the last assurance engagement‚ the internal audit function identified several observations
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Chapter 7 Case – 7-54 "Going Concern" Please respond to the following: From the e-Activity‚ analyze the auditor’s responsibility to determine if a company can continue as a going concern. From your analysis‚ propose at least two (2) key factors that the auditor should consider when determining an entity’s ability to continue as a going concern. Provide a rationale to support your proposal. SAS 59‚ The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern (AICPA‚ Professional Standards
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Running Head: ENRON ETHICAL ANALYSIS Enron Ethical Analysis Gordon C. Shaw III Grand Canyon University Abstract This is a survey of business policies and procedures implemented by the Enron corporate policy committee headed by the chairman Ken Lay. The enigma of corporate responsibilities and ethics of the Houston based energy giant Enron are mapped out in a simple easy to read memorandum circulated throughout the several levels of management and to all employees
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Over and over again the Standards specify what internal auditors should provide assurance and consulting on – the scope of internal auditing (governance‚ risk management and control processes). Standard 2100 is one such injunction – “The internal audit activity must evaluate and contribute to the improvement of governance‚ risk management‚ and control processes using a systematic and disciplined approach.” What are these processes that internal auditing has to evaluate and contribute to the
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Arayawna Moore @02585360 Auditing I 09/20/10 CHAPTER 1 1-14 A. 3 B. 2 C. 2 D. 3 1-15 A. 2 B. 3 C. 4 D. 3 1-21 1) IRS‚ compliance audit 2) GAO‚ operational audit 3) CPA‚ operational audit 4) Internal‚ financial statement audit 5) GAO‚ operational audit 6) CPA‚ financial statement audit 7) GAO‚ financial statement audit 8) IRS‚ compliance audit 9) Internal‚ financial statement audit 10) IRS‚ compliance audit 11) Internal‚ financial statement audit 12) GAO‚ compliance
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Jessica Schmitt Auditing Chapter 9‚ problem 9-28 A. Since there are no specific materiality guidelines‚ it is the auditor’s professional judgment that must be used to determine the appropriate preliminary estimates of materiality. I used the guidelines listed on pg 251 in figure 9-2: Statement Percent Guideline Dollar Range (in thousands) Earnings from continuing operations before taxes 3-6 % $12‚500-$25‚100 (rounded) Current Assets 3-6 % $67‚600-$135‚200 (rounded) Current Liabilities 3-6 %
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Nature and Purpose of Auditing Content : • Definition and objectives of auditing • Types of audits • Development of auditing • Qualities of an auditor • Auditing process Objectives : Students should be able to : • Describe the definition and the objectives of auditing. • Distinguish between different types of audits. • Briefly describe the development of auditing. • List and explain
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Enron Corruption is defined as dishonest or illegal behavior especially by powerful people (Merriam Webster). There is perhaps no company in our nation’s history that further exemplifies this word than Enron. Enron’s history of fraud‚ laundering‚ and deception is now known world-wide‚ and stands as the lead example for future companies practicing unethical behaviors. Enron’s corrupted culture‚ cultivated by CEO Jeffrey Skilling‚ made some very rich while ultimately leaving thousands in ruin.
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Chapter 1—Auditing and Internal Control TRUE/FALSE 1. Corporate management (including the CEO) must certify monthly and annually their organization’s internal controls over financial reporting. ANS: F PTS: 1 2. Both the SEC and the PCAOB require management to use the COBIT framework for assessing internal control adequacy. ANS: F PTS: 1 3. Both the SEC and the PCAOB require management to use the COSO framework for assessing internal control adequacy. ANS: F PTS: 1 4. A qualified opinion
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